0.43 /
0.41%
104.19
NAV on 2019/07/19
| NAV on 2019/07/18 |
103.7567 |
| 52 week high on 2018/08/29 |
107.8653 |
| 52 week low on 2018/12/27 |
95.763 |
| Total Expense Ratio on 2019/03/31 |
0.67 |
| Total Expense Ratio (performance fee) on 2019/03/31 |
0 |
| Bonds |
3.97 |
4.99% |
| Fixed Interest |
6.81 |
8.55% |
| General Equity |
44.51 |
55.92% |
| Liquid Assets |
0.67 |
0.84% |
| Real Estate |
7.51 |
9.44% |
| Spec Equity |
8.24 |
10.35% |
| Offshore |
7.88 |
9.90% |
|
U-SLINDXR |
44.51 |
55.92% |
|
O-GGGEQT |
7.88 |
9.9% |
|
U-STCAPPR |
7.51 |
9.44% |
|
U-SGLREIF |
4.27 |
5.37% |
|
U-STAITFD |
3.97 |
4.99% |
Management company:
STANLIB Collective Investments (RF) Limited |
Formation date:
2016/03/18 |
ISIN code:
ZAE000216172 |
Short name:
U-HIPASSB |
Risk:
Unknown |
Sector:
South African--Multi Asset--High Equity |
Benchmark:
FTSE/JSE Weighted ALSI 52.5%;FTSE/ JSE Capped Prop Index 10%;MSCI World Index (ZAR) 17.5%;STeFI Call Dep Ind 5%;BEASSA All Bnd Ind 5%;JSE ASSA Infl Linked Gov Issued Bnds Ind 5%;Barclays Global Treasury Bond Index (ZAR) 5% |
STANLIB Index Investments Team
STANLIB High Equity Balanced Passive FoF - Mar 19
2019/05/30 00:00:00
Fund review
The fund’s return was in line with its strategic benchmark over the first quarter of 2019. All allocations contributed positively towards the overall performance of the fund. The highest contributors to performance were derived from the MSCI World (13.5%) and SWIX ALSI (3.9%) indices.
Market overview
In the first quarter of 2019 equity markets shrugged off any negative sentiment arising from the second half of 2018. The majority of equity markets across the globe recorded strong positive returns, with the MSCI World Index recording 13.5%, MSCI Emerging Markets recording 11.1% and the South African equity market, as represented by FTSE/JSE All Share Index, recording 8%. Global growth continues at a slower pace with many of the major economies progressing to later stages of the business cycle. The less hawkish Fed provided some relief for financial conditions but the era of easy money has shifted towards gradual tightening of monetary policy. Locally, Eskom and corruption in other SOE’s remain in the headlines as domestic asset classes such as bonds (ALBI), property (PCAP) and cash (SteFi) recorded gains of 3.8%,1.73% and 1.9% respectively.
Looking ahead
Against the backdrop of slowing global economic growth, there is potential for trade uncertainty to continue, resulting in higher prices and a significant drag on business and consumer confidence. We expect risk aversion will rise as the ability of developed markets and vulnerable emerging economies to weather the impact of trade wars remains uncertain. Emerging economies with sizeable dollar debts and fiscal deficits may struggle. After more than two years of steadily rising interest rates, 2019 could mark the peak for US treasury yields for the current business cycle, however the road ahead is likely to remain bumpy. Locally, uncertainty will remain high until the widely anticipated national election provides some direction on the future of SA’s economic policy. We believe investors should focus on liquid market segments with risk dialled down compared with market benchmarks.
The commentary gives the views of the portfolio manager at the time of writing. Any forecasts or commentary included in this document are not guaranteed to occur.
The objective of the STANLIB High Equity Balanced Passive Fund of Funds is to provide investors with a broad exposure to a mix of asset classes within a single fund, with a high equity allocation, at a low cost.
Insider GOLD
